464-Unit Atlanta Community Trades for $69M
- Jun 23, 2016
Atlanta—Toronto-headquartered Sutter Hill Acquisition Corp. has bought the District at Vinings in Atlanta’s Buckhead submarket.
The Canadian investment company acquired the 464-unit asset from Fowler Property Acquisitions, shelling out $69 million. The last time the property changed hands, in February 2015, Fowler paid just under $45 million.
Located at 2800 Paces Ferry Road and sitting on almost 38 acres, the District at Vinings was completed in 1972. Situated in the vicinity of Interstate 285, the property is close to numerous amenities and retail options.
“This is a dominant asset in a dominant location,” said Karim Kanji, CEO & acquisition president of Sutter Hill. “It also has a walkability score in the 90s, which is unusual for most properties in Atlanta.”
The community, which features nine different floor plans, will be managed by Stonemark Management. Sutter Hill intends to spend up to $7 million in renovations and Atlanta-based Stonemark will also oversee refurbishments. Renovations will include an updated clubhouse, expanded fitness center, enhanced landscaping and upgraded exteriors.
According to Yardi Matrix, District at Vinings encompasses 214 one-, 221 two- and 29 three-bedroom units, with an average unit size of 956 square feet and an average rent of $1,098 (as of May 2016). With a total of 443,000 rentable square feet, the pet-friendly property features deluxe kitchens with granite countertops, private balconies/patios, clubhouse, swimming pool, dog park, on-site management and maintenance, yoga center and tennis court.
Image courtesy of districtatvinings.com